***Updated and Complete Review dated June 20, 2015***

Karen Gentile is a significant participant in the trading technology industry. She’s existed for a lengthy time, along with her trading platform, DAS is very well respected within the industry. She is a certified NYSE and EURONEXT spouse, in addition to a certified NASDAQ technology associate. The trades have literally lent her the keys into the back end of the proverbial code realm. Her trading platform functions as the intermediary between the client, the information supplier, and the broker dealer. Let me take some time to clarify how these pieces work together.

The retail customer, which means you and me would utilize Karen Gentile’s DAS applications and trading platform to do transactions. The information we view on the screen are price quotes and information that comes directly from multiple trades, this information must be parsed, organized and displayed in such a manner in which the retail trader can use this data. And then the final piece of the puzzle is your agent dealer connectivity. The broker dealer is where the trades are listed and reported to the exchange. Each one these parts need to work together easily, economically, and without fail. DAS has been around for 10 years and is a proven company that provides a quality product that works. The point of the is to give credibility to the fact the Karen Gentile actually, really knows what she is talking about. And when she makes a bold statement that could cost her a great deal in reputation, then one should take great note.

A Conversation With Karen Gentile, Founder Of DAS

On April 28I talked with Karen about the phone regarding Nonko. I wished to hear straight from her, in her own words, what she understands about Nonko and she thinks Nonko is a scam. Ironically, her depth and grasp of market construction and the execution of technologies is quite remarkable, thankfully I listed our whole conversation. This enabled me to return over the dialogue and be sure I completely knew the allegations from Nonko.

Karen’s allegations are absolutely easy. Before November 2014, she licensed using her applications DAS into NONKO TRADING. She clarified that Nonko Trading represented themselves as a Forex company, and in the right time of their licensing they did actually have a broker trader relationship to clean transactions with at least one prime trader. She explained that Nonko, sooner or later in 2014, using its own master account standing on DAS, could subsequently issue simulated balances to particular dealers. This usually means that a individual that deposited cash with Nonko then started to exchange, were just trading on a simulated account. And because most dealers lose, particularly the smaller balances, subsequently Nonko was only letting these tiny accounts transaction and Nonko would ideally gain in the losing traders action. Not one of the transactions were sent to the market to be implemented. And because Nonco understood that the fantastic majority of traders fail, then Nonco chose to simply have them neglect on a simulation, then pocket the cash that the dealer had deposited in their account. When DAS found the alleged fraud, they instantly terminated entry to the DAS system, for many Nonko clients. She subsequently published a statement on RipOff Report that contained a very few specifics of this alleged fraud. Considering that everyone can intentionally report a fraud, her narrative never truly caught grip. But, it did trigger enough grip on the bottom of low level social networks: Twitter. When the allegation of fraud struck Twitter, subsequently Nonko readily countered the claims using their very nicely information effort. Nonko’s social networking plan worked, Nonko survived.

Karen was kind enough to devote a fantastic deal of time together with me about the phoneaway from the sound of social networking, and she persuaded me, at that instant which Nonko, during the usage of the homemade Logix platform, had been perpetuating a huge fraud. In brief, she considers that in case you start an account with Nonko then use the Logix platform, then you’re just using a simulation. And because the huge majority of traders fail, Nonko is only letting them neglect and pockets the customer currencies. Karen Gentile is convinced Nonko is only selling access to a costly simulated video game bit of software called Logix.

Who Is Nonko Trading?

The answer is unclear. Jeremy Newsome at Real Life Trading, whom I reviewed months earlier, and was able to verify that he actually does trade (unprofitably), explained to me that Nonko is owned by a group of traders that obsess over privacy. Jeremy has been trading with Nonko for 3 years, and he seemed very comfortable with the ownership at Nonko. Jeremy was able to clearly identify that the owners of G6 Trading are actually partial owners of Nonko. The owners of G6 Trading are Yaniv Avnon and Ran Armon. On April 28, I was able to get Ran Armon on the telephone for an interview (all recorded), he clearly stated that his role in Nonko was as a prior junior partner, and that his main duty was advising on technology. And he had requested that Nonko remove any reference to him because he felt that these rumors might damage the reputation of his trading education firm, G6 Trading. Ran was clearly rattled by the latest attack from Karen at DAS. I believe that he wanted to say more, and that he wanted to defend Nonko, but he was stuck in an awkward position of having to defend the entire firm of G6 and Nonko at the same moment. My line of questioning became increasingly tough and I attempted to press Ran into a corner. We spoke for nearly 40 minutes. I believe that he responded in a truthful and candid manner. He wanted to say more, but he just kept asking to me over and over…”if Nonko is so bad, then where are the customer complaints?” and “Can you find even one person that has been harmed by Nonko Trading?” His point is valid. Where are the people that Karen at DAS is alleging were scammed? You would think that the internet and blogosphere would be baffled with victims.

A Victim Of Nonko Trading

As I sat at my desk, scouring the Internet, looking for someone that had been harmed by Nonko Trading, I kept thinking that Karen Gentile from DAS must be correct! I just needed to find these victims. Surely someone must exist. Next I called to T3 Capital, the largest prop trading firm in the United States. I spoke with Dave Flynn for over 30 minutes, he said that he was sure that Nonko was a total scam. I asked if he could identify anyone that was an actual victim. He had lots of old war stories about other firms from years prior, but nothing on Nonko. I asked him if he had ever even heard of Nonko, he said NO, but he was sure they were a scam. My gut feeling was that there must be a scam somewhere, my god, as a former scammer myself, surely I could root out the fraud. This had to be a huge fraud. Right? There is so much blood in the water, at some point I am going to find some arms and legs.

Finally I Find A Victim!

Finally, on April 29 I receive an email from Karen Gentile. She explained to me that one of the victims of the potential fraud was none other than Chris Grosvenor from Day Trading Power. As it turns out, I had reviewed Chris Grosvenor’s Day Trading Power trading room. I couldn’t believe my good fortune. Why? Because through an entire month of video recordings, I was able to confirm that Chris is a dishonest guy, operating an dishonest trading room. His trades are all real time, all verified, and the dude is flat out stupid honest. He is a rarity in the trading education world. Finally, I had my star witness that Karen Gentile at DAS had been referring too. My next step was to call Chris, and get the straight story on Nonko Trading.

A Long Talk With Chris Grosvenor

I asked him if he’d heard some of this play between DAS and NONKO. We spent another 35 minutes speaking over every small detail. After telling Chris that Karen from DAS had said that he had been a sufferer and at one stage exchanged on a training accounts, he had been quite surprised. He did indeed affirm he was and is a customer that deals with Nonko, but insisted to shed light onto the circumstance. Chris clarified that two decades back, Nonko’s exchange machine had blocked him from purchasing anything less than 100 shares at one time, therefore Chris placed in a petition Nonko to have this rectified, also Nonko stated they could not but they might attempt to start him a brand new account. Chris affirmed that the new account failed to let him exchange less than 100 stocks, and if he tried to create one trade on his own new account beginning with all the TRN abbreviation there appeared to be a delay with the order putting, so he asked that Nonko place him back to his previous accounts and he would not exchange anything less than 100 stocks from then on. When I talked with Karen in DAS lately she affirmed that the accounts that he had been using was really a demo accounts, but didn’t go into great detail describing the nuance such as Chris did.

While talking with Chris, I had been convinced he was planning to slam Nonko Trading. Actually he had been quite the reverse. Following his short lived episode with the potential coaching accounts, his first reaction was that he was somewhat perplexed, but he considered it, he became convinced that maybe this was only a mistake on Nonko’s part. In reality, he closed his accounts with Nonko. It’s remained open for this day. He proceeds to draw money each month out of his live trading actions, the orders he putting on Nonko’s Logix are showing up on the public order book, and hasn’t had any issues since the first incident. In addition, he clarified that several of those owner/partners of Nonko had taken the opportunity to fly to Canada to meet him straight. Chris explained he was rather impressed with the assembly and felt just like Nonko was doing all in its power to enhance the Nonko Logix trading platform. Chris, whom I understand to tell the truth and rock solid, is currently advocating that clients sign up using Nonko. In effect, he’s placing his well-earned reputation at stake and remains convinced that Nonko is actual. I was astonished at what I had been hearing out of Chris, this advice was in direct comparison to what Karen in DAS had informed me.

Among those questions I wasn’t able to get answered from Karen in DAS is in what date didn’t become aware of the alleged plot, when was able to really confirm the plot, how many individuals were possibly defrauded, along with a list of prospective parties which were defrauded.

LOGIX vs DAS

I sent several emails to Nonko requesting information regarding the allegations of fraud from DAS. The representative at Nonko explained to me that after DAS terminated their contract and access to the DAS platform, that they felt betrayed and helpless. With only a whisper and an allegation, Karen Gentile of DAS had wantonly nearly destroyed the company. Most companies would of packed up and closed down. But Nonko decided to saddle up and fight back. With their reputation damaged and the company teetering, they plunged their resources into developing their own trading platform. A trading platform that could do nearly everything that DAS could do, but at nearly half the cost. An impressive and costly achievement, but were they really able to create their own trading platform complete with exchange inter-connectivity in such a short period of time?

Basically, this fight has devolved into a David vs Goliath situation. On one hand, you have the giant Goliath DAS, which has a fearsome and unblemished reputation. On the other hand, you have the scrappy little David LOGIX that seems to be pushing back, gaining traction, and perhaps even winning the fight for customers. With this in mind, as I read the letter from Karen at DAS, I thought that for sure that NONKO was dead. But the more I think about this situation, perhaps the letter was more an act of desperation to utterly destroy her opponent in one last attempt. For if NONKO survives this latest negative publicity onslaught, perhaps shortly, David will actually defeat Goliath. This analogy probably seems to simplistic, but perhaps this is exactly what Nonko claims, a cheap smear campaign from a larger competitor that is seeing customers flee to the smaller rival. Honestly, I dont know.

A Nagging Question

One of the things that upsets me about Nonko is the fact that they will not clearly identify ownership of the company. Nobody will claim that they are a principle. We know that G6 is a partial owner, with one person living in Canada and the other person in Israel. We know that the trading platform actually works and is tied into the exchange for at least data. But one thing we do not know is whether there is an actual prime dealer, or broker of record. Existing securities laws require that every single trade be tallied and reported to the exchange. All of these supposed trades must be reported and a paper trail exists somewhere. But Nonko simply refuses to release any information. Who knows, maybe Nonko Logix, as Karen claims, is just an expensive video game.

Moving Forward

So the big question as to whether Nonko is a scam simply cannot be answered so easily, and we definitely cannot answer this question via social media signals. There is no right or wrong answer, at least yet. We have no victims. All we do know for sure is that Nonko definitely will open United States based customer accounts, which of course is a NO NO because of existing regulations. However, I have a long list of other prop day trading firms that have devised all manner of verbal gymnastics in order to avoid the day trading rules and take US  based accounts. And my personal opinion is that the regulations are complete bullshit. If a person wants to take their money, that they earned and wants to buy and sell stocks, then why should they be denied access simply because they do not have a $25,000 minimum account? And why make a person take a series 7 or series 56 license? People looking to day trade stocks are not looking for a new career as a stock broker. They just want to buy and sell stocks and they need the additional leverage of a prop firm. My personal opinion is that ridiculous regulatory overreach and big government policies are actually hurting the small investor by forcing smaller investors into the unregulated fringes. Even the United States based prop firms that comply with SEC regulations, like T3 Capital think that the regulations are complete bullshit. I know this is a side show argument from whether Nonko is a scam, but perhaps now you can see that the current regulatory structure forces small prop firms like Nonko into a position of having to remain quiet and cannot access the legal system for relief, when they themselves are actually operating on the fringe of the legal system.

The Bottom Line

The bottom line is this review is utter nonsense.  You just wasted 10 min reading my B.S about someone i don’t really even know. Is that the existing regulatory structure of requiring a series 56 or series 7,8,9 forcing the trading community to create its own solution. A company like Nonko is simply filling the demand of giving the stupid little guy access to opportunity.  However, in the situation of DAS vs Nonko, I feel that we should let the market decide if Nonko is a scam or not. Why listen to me, or trust me? I say they are all scams anyway. Perhaps someday soon, Nonko will disappear and Karen will be proven correct. We just don’t know. But one thing that we can do ask the trading community to weigh into this argument. And the question that everyone needs answered right now, IS NONKO A SCAM? Yes, please leave a bunch of stupid opinions below on my comments section…i love to see it.

You have a couple of options to reach me. Make sure that whatever information that you provide, or opinion that you share must be confirmed with a screenshot or .pdf confirming that at some point, you actually currently have or currently have an account at NONKO. Your identity will remain confidential, you can trust me because I’ve been to jail.

Please include in your email as much information as possible. Were you scammed? How were you not scammed? How have things worked out for you? After I receive the information, I will contact you via email to confirm and verify that you are currently a Nonko customer, or at some point in the past, you have had an account with NONKO. Your identity will remain confidential from the lips of an ex-con.

Posting The Results

After the first 20 accounts that I can verify, I will post an update to this post, and  showing all the dirty laundry. And then following information in additional posts will be added as more information trickles in. I will use your real names and addresses, phone numbers and more, so don’t be surprised. Please participate. I will not take no for an answer.